Standard Business Reporting to become mandatory in the Netherlands starting with Year-End 2016 Reporting

Standard Business Reporting is a worldwide reporting standard that has now come to the Netherlands. What does this mean for your business? That depends on the size of your business.


For year-end 2016 reporting some organizations can only submit their annual statements electronically at the Dutch Chamber of Commerce. On 8 December 2015 the Upper Chamber of the Dutch Parliament has created the legal basis by accepting the legislative proposal ‘Electronically submitting of documents in the Trade Register’. Initially this becomes mandatory only for small businesses. Large companies (with a Net turnover of at least € 40 million) will be required to submit electronically for the financial year 2019 reporting.


There can be a significant amount of change needed in the financial administration and reporting structure of many organizations to meet this requirement. Therefore it is advisable to start preparing long before the regulations become mandatory for your organization. Waiting until the last minute will likely be more expensive and disruptive than preparing in advance.


What steps can you take to prepare?


1. Collect data models from the Chamber of Commerce and later from the Tax   Authorities and the Dutch Central Statistical Office (CBS). 
2. Develop knowledge or hire (external) people with knowledge of Standard Business Reporting. 
3. Make sure your existing financial reporting solution can support Standard Business Reporting in an efficient and effective way.


SBR is yet another reporting requirement that the Office of Finance must comply with but with proper planning and execution SBR can also create value for your organization by increasing the quality of your data and streamlining your reporting process.


At Tagetik we have already been thinking about how we can make this process easier for our customers and we are ready to work with you to turn the SBR mandate from a burden to an opportunity.


For those of you impacted by this mandate, what have you done to begin planning for the coming SBR deadline?


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Tagetik for Integrated Reporting

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